Posted 3 years ago on Feb. 22, 2013, 2:23 p.m. EST by LibertyNow
(10)
This content is user submitted and not an official statement

This is a real, documented example of fraud on the citizenry of this country by the rich and powerful elite and their gaming of the system to defraud the taxpayers of millions of dollars:

Owner had a loan with the First Georgia Community Bank. Owner had paid the loan off in full and the stamped deed had been recorded at the courthouse. About ten months later the FDIC took over the bank and “sold” the “loan” to MULTIBANK 2009-1 RES-ADC VENTURE, LLC/LENNAR CORPORTAION/RIALTO CAPITAL ADVISORS, LLC/RES-GA OXFORD, LLC/WEGO REALTY & PROPERTY MANAGEMENT. “sold” is in quotes because the FDIC also gave them a @700 million dollar interest free non-recourse (wink-wink as in don’t worry about paying us back) loan to “help”. The aforementioned bad guys then proceeded to improperly foreclose on a property they had absolutely no interest in and bought it back themselves at the steps with the money given to them by the FDIC. All of this being done even though they were notified multiple times of their error and the record was clear as day to anyone that bothered to look. They then proceeded to evict the true and rightful owner. Please understand this requires lying to a judge under oath. All of this with the blessing of the Federal Government using taxpayer money. These guys apparently feel like they are untouchable. This is a violation of the Constitution of the United States of America. The U.S. Government is stealing land from one party and giving it to their campaign contributors. This is just one example of many frauds/thefts/deceptions/criminal acts committed by these people all over the country. The continued anti-American, criminal, and immoral activities of these rich and power hungry soulless Wall Street villains continues even as we speak but no one seems to care! Where is 20/20? CNN? MSNBC?

Could it be that the upping of their political contributions in 2008 to 2009 from around $200,000 to just over $1.2 million (500% increase) might have something to do with it? Even if these guys were in the right how is it in the best interest of the taxpayer to foreclose at a huge loss (including legal fees, holding costs, and various real and imaginary “management” fees) instead of trying to work with the borrower? Also it looks like dual-track is part of their standard M.O. Apparently the only reason they want the borrower to fill out their “pre-negotiation letter” is so they can try to find assets to try to sue for later. While offering the possibility of a loan modification to the victim they continue to foreclosure. And it keeps getting better. In the end they still have the “asset” to dispose of as they wish for even more profit!

If you really want to help search the public records in your county for these guys. The problem is they hide under various LLCs to cover their tracks but “Multibank” is one of the ones I’ve been able to find in multiple counties across the country but they are hiding under other names.

Your mission, should you choose to accept it, is to expose these guys for the crooks they are. Google “rialto capital fraud” or “fdic rialto loss share fraud” to get started. Also there is a pretty good and brief analysis that discusses many but not all of the issues by attorney Bryan Knight entitled ““Lennar-Rialto Incentive Analysis”.

Will post more examples of taxpayer funded criminal activities committed by this group as I find them. As mentioned above they do not make it easy with all of the different names they operate under.

As somebody who knows a lot about this deal, Rialto Capital hasn't made much money at all from the FDIC debt pool. The delinquent property taxes for many of the properties are far greater than the value of the actual real estate (and these taxes have to be paid because of the agreement). There are many homes in the FDIC pool that can't even be foreclosed on because the property has deteriorated beyond repair (and would be a huge liability). The FDIC deal gave Rialto Capital legitimacy to be able to bid on loan pools in the private sector. The actual money that they are making is not from the FDIC pool; it is from the loan pools that they bought from the commercial banks. I understand you are looking to make this company out to be another member of Big Money Wall Street. In many ways you can make this connection but not for the FDIC deal. Pick another battle.

Wow. So you are admitting that Rialto illegally takes land from people who in many instances did nothing wrong but have their loan at the wrong bank. But are upset because you believe they did not make enough on the “deal”?

Even if that were true (which it absolutely is not since they are reimbursed any losses suffered during the “workout” of the asset) it's like a bank robber demanding that they should be found innocent because there was not as much money in the bag as the teller said there would be. They still broke the law. To the benefit of a few well connected Wall Street guys at very great expense of the taxpayer and the 99%. Oh and the continuation of the recession. And they are making substantial profits on these loans pursuing the opposite of a least cost resolution because they are incentivized by the twisted FDIC relationship to do so. I believe calling attention to this is exactly what OWS is about.

To make such a statement you either work for Lennar / Rialto / Multibank or are one of their contractors. If you really are someone who cares about the truth (and if you have a conscience) you may want to learn a little more about the people you work for. How can you sleep at night?

I have seen the wanton and ongoing destruction of many people's lives by these folks through this flawed FDIC deal. This is absolutely where the battle lies. Just the fact that you think there is not enough money in it to consider it a "battle worth fighting" shows who you are Random2.